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Investing.com -- Ford Motor (NYSE:F) stock fell 1.7% on Wednesday, extending recent declines, after the automaker paused production at its F-150 Lightning electric pickup plant in Dearborn, Michigan due to supply chain disruptions.
The shutdown is related to a September 16 fire at a Novelis aluminum factory in New York, according to Reuters, citing a union official at the plant. Nick Kottalis, president and chairman of Dearborn Truck and the Rouge Electric Vehicle Center (REVC), confirmed the connection between the production pause and the supplier’s fire.
A memo shared with workers and viewed by Reuters indicated that the REVC will be offline next week. The aluminum supply disruption is expected to impact production of Ford’s best-selling F-150 vehicles for months.
The September fire at the Novelis plant could potentially cost Ford up to $1 billion in lost profits, according to analyst estimates.
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